UAE Spearheads Global Efforts for Inclusive Finance
Financial inclusion, which means making sure everyone has access to financial services like savings accounts and loans, is super important for a strong economy. April 27, Arab Day for Financial Inclusion, and we're focusing on encouraging people to save money, which helps make financial services available to everyone. Research shows that communities and economies where people save money are better at handling ups and downs in the economy and tend to grow more steadily.
Saving money isn't just about individual benefit; it helps businesses, especially small ones, and women too. When people save, they can invest in their businesses, which boosts productivity and income. This, in turn, leads to more spending and a fairer distribution of wealth, which is good for everyone.
His Excellency Younis Haji Al Khoori, Undersecretary of the UAE Ministry of Finance, says that the UAE is working hard to make sure everyone has access to useful financial products and services. They're aiming for a society where cash isn't necessary for transactions. While the UAE has already made some progress in this area, they're still working on improving financial literacy and helping people manage their money better.
Digital technology plays a huge role in making financial services accessible to more people. Having access to digital banking services and using them effectively is crucial. The UAE is focusing on developing digital financial services that suit the needs of small businesses. They're also working on ways to make transferring money digitally cheaper and easier.
The UAE is really into using modern technology to make financial services available to more people. They're collaborating with banks, payment systems, and insurance companies to develop better ways for people to save and manage their money.
They're also part of international efforts, like the Global Partnership for Financial Inclusion (GPFI), where they've been recognised for their contributions. They're extending their involvement until at least 2026, which shows their commitment to making finance more inclusive globally.
The UAE has launched a program to upgrade its financial systems, focusing on using digital technology to improve financial inclusion. They're also working with neighbouring countries to improve cross-border financial transactions.
They're particularly focused on helping small businesses by sharing ideas and creating funds to make financing easier for them. And they've already achieved quite a bit, like getting invited to be part of the GPFI and being recognised internationally for their efforts.
